ID :
190337
Wed, 06/22/2011 - 11:08
Auther :
Shortlink :
https://oananews.org//node/190337
The shortlink copeid
Seoul shares up 0.77 pct on Greek optimism
(ATTN: ADDS bond yields at bottom)
SEOUL, June 22 (Yonhap) -- South Korean stocks ended 0.77 percent higher on Wednesday as jitters over the Greek debt situation eased after the country's prime minister won a parliamentary vote of confidence, analysts said. The local currency gathered ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 15.73 points to 2,063.9, extending its winning streak to a second session. Trading volume was moderate at 260.2 million shares worth 6.26 trillion won (US$5.83 billion), with gainers outnumbering losers 536 to 276.
"Greek debt risks and a slowing U.S. economy are the two main factors that have been weighing down on investor sentiment," said Kwak Joong-bo, an analyst at Samsung Securities Co.
"As the confidence vote wiped off some market uncertainty, there is now room for the KOSPI to move upwards," said Kwak.
Greek Prime Minister George Papandreou survived the parliamentary confidence vote, which raised hopes that the debt-ridden country would proceed with a bailout plan and prevent a default.
Kwak, meanwhile, said MSCI Inc.'s retention of South Korea's emerging market status had a limited impact on the stock market as there had been little anticipation of an upgrade.
The equities index compiler announced that it will maintain South Korea's and Taiwan's emerging market statuses and put them under review for possible reclassification next year.
Techs fueled the climb, with market bellwether Samsung Electronics adding 1.47 percent to 826,000 won.
Shipbuilders also ended in positive territory. Hyundai Heavy Industries, the world's largest shipyard, added 1.65 percent to 430,000 won, and its smaller rival Samsung Heavy Industries jumped 4.74 percent to 47,550 won.
In contrast, banks underperformed the market. The Industrial Bank of Korea tumbled 9.98 percent to 18,500 due to rumors the government may sell its stake in the state-run lender.
Air carriers also landed in negative territory, with top airline Korean Air slumping 3.05 percent to 66,800 won.
The local currency closed at 1,073.9 won against the U.S. dollar, up 5 won from Tuesday's close, boosted by the KOSPI's rise and developments in Greece, dealers said.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasuries stayed unchanged at 3.67 percent, but the return on the benchmark five-year government bonds slipped 0.01 percentage point to 3.94 percent.
mil@yna.co.kr
SEOUL, June 22 (Yonhap) -- South Korean stocks ended 0.77 percent higher on Wednesday as jitters over the Greek debt situation eased after the country's prime minister won a parliamentary vote of confidence, analysts said. The local currency gathered ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 15.73 points to 2,063.9, extending its winning streak to a second session. Trading volume was moderate at 260.2 million shares worth 6.26 trillion won (US$5.83 billion), with gainers outnumbering losers 536 to 276.
"Greek debt risks and a slowing U.S. economy are the two main factors that have been weighing down on investor sentiment," said Kwak Joong-bo, an analyst at Samsung Securities Co.
"As the confidence vote wiped off some market uncertainty, there is now room for the KOSPI to move upwards," said Kwak.
Greek Prime Minister George Papandreou survived the parliamentary confidence vote, which raised hopes that the debt-ridden country would proceed with a bailout plan and prevent a default.
Kwak, meanwhile, said MSCI Inc.'s retention of South Korea's emerging market status had a limited impact on the stock market as there had been little anticipation of an upgrade.
The equities index compiler announced that it will maintain South Korea's and Taiwan's emerging market statuses and put them under review for possible reclassification next year.
Techs fueled the climb, with market bellwether Samsung Electronics adding 1.47 percent to 826,000 won.
Shipbuilders also ended in positive territory. Hyundai Heavy Industries, the world's largest shipyard, added 1.65 percent to 430,000 won, and its smaller rival Samsung Heavy Industries jumped 4.74 percent to 47,550 won.
In contrast, banks underperformed the market. The Industrial Bank of Korea tumbled 9.98 percent to 18,500 due to rumors the government may sell its stake in the state-run lender.
Air carriers also landed in negative territory, with top airline Korean Air slumping 3.05 percent to 66,800 won.
The local currency closed at 1,073.9 won against the U.S. dollar, up 5 won from Tuesday's close, boosted by the KOSPI's rise and developments in Greece, dealers said.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasuries stayed unchanged at 3.67 percent, but the return on the benchmark five-year government bonds slipped 0.01 percentage point to 3.94 percent.
mil@yna.co.kr
